Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market
Saudi Gazette report
RIYADH — Finance Minister Mohammed Al-Jadaan affirmed that the directives of Crown Prince and Prime Minister Mohammed bin Salman reflect the leadership's priorities in providing adequate housing for citizens and ensuring a decent life for them.
Speaking to Al-Ekhbariya channel, Al-Jadaan explained that the directives of the Crown Prince confirm the government's ability to use the tools available to it to bring back balance to the real estate market, whether through regulations, policies, or procedures, to enhance the supply of land, and residential and commercial properties to achieve economic growth and create more jobs.
The minister said that a balanced real estate market contributes to narrowing the gap between supply and demand and limiting unjustified price increases. 'The issued directives focused on a set of targets, the first of which is the citizen, particularly the most needy citizens, and introduction of controls to limit the leakage of support to undeserving groups. He also outlined solutions to immediately enhance the real estate supply by lifting the suspensions in northern Riyadh.
Al-Jadaan emphasized that the leadership's directives provided solutions to ensure continued supply in the medium and long term, whether through amendments to the Law of White Land Tax or through directives issued to establish controls for the relationship between landlords and tenants to protect their rights.
The Crown Prince had issued five measures in this regard to achieve balance in the real estate sector, against the backdrop of rising land prices and rents in Riyadh in recent years.
The measures included lifting the suspension on sales, purchases, divisions, and subdivisions, as well as the issuance of building permits and approval of land plans. The total area of land that covered the lifting of sales suspension in Riyadh is 81.48 square kilometers.
The measures include the Royal Commission for Riyadh City working to provide citizens with planned and developed residential land plots, ranging from 10,000 to 40,000 plots annually over the next five years, depending on supply and demand. The plots are available at prices not exceeding SR1,500 per square meter for married citizens or those over the age of 25. This is provided that the applicant does not previously own any other real estate and meets all other requirements, including not selling, leasing, mortgaging, or otherwise disposing of the land within 10 years, except for mortgaging to finance the construction of the land. If the land is not constructed within this period, the land will be reclaimed and its value will be returned to the applicant.
The Crown Prince directed to take the necessary regulatory measures to urgently issue the proposed amendments to the Law of White Land Tax within a period not exceeding 60 days, ensuring increased real estate supply. The Crown Prince also directed that the necessary regulatory measures shall be taken within a period not exceeding 90 days to regulate the relationship between landlords and tenants, ensuring a balance between the interests of all parties.
The General Authority for Real Estate and the Royal Commission for Riyadh City were also tasked with monitoring and controlling real estate prices in Riyadh and submitting periodic reports.
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